- The ETH price has shown promise this year
- Ethereum is now bearish like the rest of the market
- Ethereum’s number of active transactions has increased by 41%
Ethereum News Today – Among the top-ten largest digital currencies by market cap, the price of Ether has managed to perform among the best when compared to the rest of the market. This is based on data collected since the beginning of 2020. In terms of valuation, Ethereum has managed to record a 100%+ increase at press time despite the current bearish stint. Ethereum’s fundamental stats have relatively improved.
Following Ethereum’s performance in the first two weeks of February, the overall sentiment for the digital asset has become bearish with the major cryptos failing to register any significant price spikes. However, despite such market conditions, the price of Ethereum boasted several positive on-chain metrics in the past 30 days.
Ethereum’s Total Number of Active Addresses Increased By 41%
According to the report, the sum of active addresses on the ETH Blockchain has risen by 41% in February. The total number of addresses increased from 236,095 to 320,273. This rise is usually an indication that ETH users are using the Blockchain network. It also means that more Ether transactions are happening.
In comparison to Ethereum, the number of BTC active addresses improved by just 1% in the same period. Regarding adjusted transfer value expansion, Ethereum stomped its ground as well. It outperformed Bitcoin, Bitcoin Cash and Litecoin. Ethereum’s transfer value growth reached 132%, while the Bitcoin could only manage an 11% increase in the last 4 weeks.
Ethereum’s Transaction Volume Increased
Finally, another key metric where Ethereum succeeded in outperforming Bitcoin was transaction growth involving crypto exchanges. The ETH chart suggest that the coin has been involved in an increased sum of transactions involving different exchanges. This implies that different institutions might be increasing the rate at which they accumulate Ether. Additionally, the Bletchley Ether Index has witnessed a fresh record. The CMBI Ether Index also recorded 9 weeks of posting positive returns which underlines Ethereum’s strength in the market despite the overwhelmingly bearish sentiments.
ETH options volume chart, has posted 465 contracts on the network predict that the ETH price will cross $360. Meanwhile, another 400 contracts believe ETH price will increase to $800 by September 25. Such bullish predictions and sentiments for Ethereum should allow the price of ETH to stabilize high in the charts. However, with the increasing amount of volatility in the last week, the future has become difficult to predict. All in all, a state of turbulence might ensure that the above-mentioned statistics happen.